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Widespread Price Freeze Ahead Of Midterm Election


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The Treasury Department Friday released a report giving a detailed accounting of marketable debt, showing that most of the space from its "extraordinary measures" has already been used.

The summary of debt balances shows the agency has used USD234 billion of the USD304 in authorized extraordinary measures as of September 22, with USD70 billion in headroom remaining. Once Treasury has utilized all of the emergency borrowing authority, only two sources will remain from which to continue funding government operations, including remaining cash on hand, which stands at USD174 billion as of September 23, and daily federal revenues received each day.

Analysts have pointed out that October 1 is a particularly difficult date for federal finances due to a large payment that is owed to the Military Retirement Trust Fund, among other large benefit payments also owed that day. The Bipartisan Policy Center, a think tank, estimates Treasury will most likely have insufficient cash to meet all its financial obligations sometime between October 15 and November 4.